Zijin Gold said to be planning $3 billion IPO in Hong Kong

Zijin Mining Group Co's public spin-off of its international gold business could fetch more than $3 billion, according to people familiar with the matter, putting the planned Hong Kong listing on course to be the world's second-biggest this year.

- JULIA FIORETTI DONG CAO YIHUI XIE

The value and timing of Zijin Gold International Co's initial public offering could still change as deliberations are ongoing, the people said, asking not to be identified discussing a private matter. The listing could come as soon as this month and investor interest in the offering has been exceptionally strong at a time of record-high prices for the precious metal, one of the people said.

A $3 billion IPO would be the biggest globally since Chinese battery giant Contemporary Amperex Technology Co Ltd raised $5.3 billion in a blockbuster Hong Kong offering in May. Zijin is the world's third-biggest metals miner company by market value, and wants to boost output from gold mines that span Central Asia to Africa and Latin America.

"Zijin needs a large pool of offshore money to invest and expand production in their assets," said Xiaofeng Li, senior partner at Beijing Dentons who is experienced in advising Chinese natural resource firms on overseas deals.